Consumers are increasingly more likely to repay their debt obligations and are managing new credit more responsibly, according to a recent report from TransUnion, a Chicago-based credit and information management firm.

For the fifth straight quarter, TransUnion’s Credit Risk Index (CRI) declined. During the first quarter, the CRI was 123.56, 5 percent lower than the index high of 129.67 during the fourth quarter 2009, according to a statement. The first quarter CRI was also 1.6 percent lower when compared to last quarter (125.61), the largest quarter-over-quarter decline since the third quarter 2008.

Consumer demand for credit also fell during the first quarter, according to TransUnion’s Total Inquiry Index (TII). It decreased 2.2 percent to 64.41, the slowest decline since the first quarter 2008.

"The broad and steady decline in the Credit Risk Index, coupled with a moderate decrease in the demand for credit over the previous year suggests that consumers continue to live within their means, tending to acquire new credit only for larger, specific purchases," said Chet Wiermanski, global chief scientist at TransUnion. "The percentage of consumers delinquent on any credit account has returned to the level immediately preceding the Great Recession, which is the primary reason for the decline in the Credit Risk Index. During this period, consumers have fundamentally changed the composition of their personal credit portfolio. "